Big surprises with bullish corn and soybeans

By Doug Tenney, Leist Mercantile

Big changes in U.S. corn production down 275 million bushels as yield down 3.8 bushels. U.S. soybean production down 95 million bushels as yield down 1 bushel.

Big USDA report today. Final 2024 U.S. corn and soybean production and yields, quarterly U.S. grain stocks, and U.S. winter wheat acres will all be part of the noon report.

Trade expectations: Traders were looking for small changes in the U.S. corn and soybean yields with corn expected to see a larger revision lower. The November 2024 WASDE report detailed corn yields at 183.1, down .7 bushels. Meanwhile, the soybean yield was pegged at 51.7, down 1.4 bushels. November revisions seldom take place which has had the trade talking for two months that additional revisions were likely with today’s report.

Soybean oil is sharply higher this morning with news that the Biden administration will release 45Z guidelines regarding blending credits.… Continue reading